While many news headlines point to a slowing housing market, we can report that while, yes, San Francisco’s real estate market is shifting, it remains a strong market. We have seen it time and again: if a property is well priced, updated to bring out its best qualities, and marketed to stand out, that property will sell over list price, and with multiple offers. We are seeing longer day-on-market periods (more listings coming onto the market — additional inventory!). Yes, the number of buyers submitting offers has dipped a bit from just a few months ago – but read on to learn why we recommend to clients that, if you’ve been thinking of trading up or sizing down, now is a great time to move forward. Be in touch for a Salma & Company consultation today!
WHAT YOUR MONEY BUYS RIGHT NOW:
Each week Salma & Company goes on Broker Tour to preview new listings for our buyers and present listings on behalf of our sellers. We start touring property in the morning on the north side of San Francisco and by the end of the day we have toured dozens of properties (or more — think single family homes, condos, tenancies in common, and investment properties), ending the day on the City’s southwest side. Unable to join Broker Tour in person? We’ve got you covered with a quick wrap up to showcase properties toured and the (list) price point ranges. Join us each week and catch the latest from Salma Twins Real Estate! You can see our latest video here:
TRANSACTION CORNER:
Our property highlight this month is 155 St. Elmo Way. We represented the seller in this transaction, now in contract, through multiple offers, with closing expected later in July. A Monterey Heights classic, this single-family home features 4 beds, 3.5 baths, and beautiful Spanish Mediterranean details throughout, with old San Francisco charm to spare … Preview alert: we will bring two Pacific Heights TICs, both 1-beds with parking) to market later this month. Keep connected with us to learn more about these and other listings on our website and via our social platforms, linked below.
NEWS YOU CAN USE:
As we’ve noted, residential property sellers have had the best outcomes in recent years, but now we see buyers finally returning to the front of the pack. This is especially true in the condo market … Salma & Company has been in the real estate business for decades, so we’ve seen housing remain San Francisco’s most challenging issues; city’s leaders’ latest approach: phase out single-family zoning to spur development … Lots of focus these days on returning to onsite work or to remote hybrid, and we’ve seen companies with deep S.F. roots make some significant investments in their workspaces, with recent lease and purchase transactions by Google Cloud (SoMA) and sales by Wells Fargo (Financial District), among others … California’s new state budget allocates millions for commercial-to-residential property conversions, meant to be a boon for cities and towns with stressed housing markets. Many housing advocates maintain this is a positive step for California’s longstanding housing crisis.